14 EU countries, including Romania, urge EIB defense industry funding

Fourteen European Union countries, including Romania, are asking the European Investment Bank (EIB) to do more to finance the European defense industry, according to a joint letter obtained by France Presse. In the letter, the signatories call on the EIB, the European Union’s main financing institution, to step up its investments in the defense sector, “in line with the EU’s new priorities”, according to RomaniaJournal.ro.

Russia’s invasion of Ukraine, on February 24, 2022, “triggered an increased need for investment in the security and defense sector,” the 14 countries point out in their letter to the European authorities.

The 14 signatory states are Germany, France, Italy, Finland, Bulgaria, Czech Republic, Denmark, Estonia, Latvia, Lithuania, Poland, Romania, Sweden and the Netherlands.

Last week, the European Commission proposed substantially strengthening the EU’s defense industry in the face of the Russian threat.

The European executive wants “50% of military equipment” ordered by member states to be supplied by European industry by 2030, Commission Vice-President Margrethe Vestager said.

Currently, 68% of EU arms purchases for Ukraine come from manufacturers Americans. Since its establishment in 1958, the EU bank has invested more than €1 trillion, but very little in the defense sector, prioritizing climate action or innovation.

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